Huffman Schedule 13D/A: 30.7% Class A Ownership, 76.7% Voting Power

Amendment No. 2 to a Schedule 13D filed by Steven Huffman reports his current beneficial ownership and recent transactions in Reddit, Inc. Class A Common Stock.

Rhea-AI Filing Summary

Amendment No. 2 to a Schedule 13D filed by Steven Huffman reports his current beneficial ownership and recent transactions in Reddit, Inc. Class A Common Stock. Mr. Huffman beneficially owns 57,276,274 shares of Class A Common Stock, representing approximately 30.7% of Class A shares (about 30.3% of total common stock) and, due to Class B voting rights and options, approximately 76.7% of total voting power. The filing discloses the termination of a 2024 Rule 10b5-1 trading plan and adoption of a new 2025 Rule 10b5-1 plan to sell up to 450,000 Class A shares (terminating upon completion or by August 31, 2026). It also lists recent conversions of Class B into Class A shares, option exercises, and a charitable donation of 8,146 Class A shares.

Positive

• Transparent disclosure of beneficial ownership, voting power, and recent transactions including conversions and option exercises
• Adoption of a new Rule 10b5-1 trading plan (2025) specifying maximum sales of 450,000 Class A shares and a clear termination date
• Quantified voting and ownership figures (30.7% of Class A; 76.7% voting power), allowing investors to assess control structure

Negative

• Concentrated voting control: Mr. Huffmans holdings and conversions result in approximately 76.7% of total voting power, concentrating governance influence
• Ongoing insider sales under Rule 10b5-1 plans and conversions could increase Class A supply available for public trading

Insights

Corporate Governance Expert

TL;DR: Founder retains dominant voting control while using a Rule 10b5-1 plan to modestly reduce economic exposure.

Huffmans filing confirms concentrated control: despite owning ~3.7% of Class A economically (excluding voting agreements), his Class B holdings and vested options translate to ~76.7% of voting power. This separation of economic and voting interests preserves strategic control of the company. The new 2025 Rule 10b5-1 plan authorizes sales of up to 450,000 Class A shares, a relatively small portion versus total Class A outstanding, reducing headline dilution or near-term supply pressure. Recent conversions and option exercises are routine mechanics to facilitate sales under the prior plan. Governance implications are material because a single individual retains effective control of votes and board influence.

Securities/Transactions Analyst

TL;DR: Filing documents planned sales and recent automated transactions without unusual trading activity beyond disclosed plans.

The Schedule 13D/A updates Item 4 and Item 5 to reflect termination of the 2024 Rule 10b5-1 plan and adoption of a 2025 plan to sell up to 450,000 shares, with termination no later than August 31, 2026. The statement quantifies beneficial ownership components including shares held, options exercisable within 60 days, and conversions of Class B to Class A used in recent sales. The filing lists specific recent transactions (option exercise of 86,751 Class B shares; multiple conversions of 14,000 or 7,498 Class B shares; and an 8,146 share donation), all disclosed as part of the reporting persons planned dispositions. Overall, disclosures align with standard SEC reporting of insider dispositions and control structure.

FAQ

What percentage of Reddit (RDDT) Class A stock does Steven Huffman beneficially own?

Mr. Huffman beneficially owns 57,276,274 Class A shares, representing approximately 30.7% of Class A Common Stock.

How much voting power does Steven Huffman control at Reddit?

Including Class B voting rights and vested options, Mr. Huffman controls approximately 76.7% of the total votes of Common Stock.

What trading plan did Mr. Huffman adopt for selling Reddit shares?

He adopted a 2025 Rule 10b5-1 plan to sell up to 450,000 Class A shares, terminating upon completion or by August 31, 2026.

What recent transactions did the filing disclose?

The filing discloses conversions of Class B to Class A (multiple 14,000-share conversions and one 7,498-share conversion), exercise of 86,751 stock options into Class B shares, and a donation of 8,146 Class A shares.

Did any prior trading plans terminate?

Yes, the 2024 Rule 10b5-1 plan terminated on August 16, 2025.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/19/2025 - 06:49 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

Reddit, Inc.

(Name of Issuer)

Class A Common Stock, $0.0001 par value

(Title of Class of Securities)

75734B100

(CUSIP Number)

Steven Huffman
c/o Reddit, Inc., 303 2nd Street, South Tower, 5th Floor
San Francisco, CA, 94107
(415) 494-8016

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/16/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 75734B100

1

Name of reporting person

Steven Huffman

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

SC, PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 5,157,171.00
8	Shared Voting Power 52,119,103.00
9	Sole Dispositive Power 5,157,171.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

57,276,274.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

30.7 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

"Shared Voting Power" represents shares subject to the Voting Agreements (as defined in Item 6 of the Schedule 13D). Such Voting Agreements contain provisions relating to the voting of the common stock held by certain of the parties thereto. Accordingly, Mr. Huffman may be deemed to share beneficial ownership of such shares held by such parties until the termination of the respective Voting Agreement. See Item 6 of the Schedule 13D. The beneficial ownership percentage is calculated pursuant to Rule 13d-3 of the Exchange Act. See Item 5.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, $0.0001 par value
(b)	Name of Issuer: Reddit, Inc.
(c)	Address of Issuer's Principal Executive Offices: 303 2nd Street, South Tower, 5th Floor, San Francisco, CALIFORNIA , 94107.
Item 1 Comment: This Amendment No. 2 ("Amendment No. 2") to Schedule 13D relates to Class A Common Stock, par value $0.0001 per share (the "Class A Common Stock"), of Reddit, Inc. (the "Issuer"), and amends and supplements the initial statement on Schedule 13D filed on May 3, 2024, as amended by Amendment No. 1 to the Schedule 13D filed August 22, 2024 (as so amended, the "Schedule 13D"). Except as specifically amended by this Amendment No. 2, the Schedule 13D remains in full force and effect. Capitalized terms used but not defined in this Amendment No. 2 shall have the same meanings ascribed to them in the Schedule 13D as amended from time to time.
Item 4.	Purpose of Transaction
	Item 4 of the Schedule 13D is hereby amended and supplemented as follows: On August 16, 2025, the 2024 Rule 10b5-1 Plan terminated pursuant to its terms. On May 19, 2025, Mr. Huffman, through a trust for which he is a trustee, adopted a Rule 10b5-1 trading arrangement (the "2025 Rule 10b5-1 Plan") intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) for the sale of up to 450,000 shares of the Class A Common Stock. The 2025 Rule 10b5-1 Trading Plan will terminate at the earlier of the execution of all trading orders pursuant to the plan or August 31, 2026.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) - (c) of the Schedule 13D is hereby amended and restated as follows: The aggregate number and percentage of shares of Class A Common Stock beneficially owned by Mr. Huffman and, the number of shares as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition, or shared power to dispose or to direct the disposition are set forth on rows 7 through 11 and row 13 of the cover page of this Schedule 13D and are incorporated herein by reference. Beneficial ownership of shares of Class A Common Stock includes shares of Class A Common Stock which may be acquired upon the conversion of shares of the Issuer's Class B Common Stock, par value $0.0001 per share (the "Class B Common Stock" and, together with the Class A Common Stock, the "Common Stock"). Holders of Class A Common Stock and Class B Common Stock generally vote together as a single class, unless otherwise required by law, the Issuer's amended and restated certificate of incorporation, or the Issuer's amended and restated bylaws. Each share of Class A Common Stock is entitled to one vote. Each share of Class B Common Stock is entitled to ten votes per share and is convertible at any time into one share of Class A Common Stock. Mr. Huffman currently beneficially owns 5,157,171 shares of Class A Common Stock based on, (i) 8,146 shares of Class A Common Stock held by Mr. Huffman through a trust of which he is the trustee, (ii) the right to acquire 1,570,018 shares of Class A Common Stock upon the exercise of vested stock options or options vesting within 60 days held by Mr. Huffman through a trust of which he is the trustee, (iii) the right to acquire 3,063,575 shares of Class A Common Stock upon the conversion of an equal number of shares of Class B Common Stock held by Mr. Huffman through a trust of which he is the trustee, and (iv) the right to acquire 515,432 shares of Class A Common Stock upon the conversion of an equal number of shares of Class B Common Stock underlying vested stock options to acquire shares of Class B Common Stock or such options vesting within 60 days held by Mr. Huffman through a trust of which he is the trustee. As more fully described in Item 6 of this Schedule 13D, in connection with the initial public offering of the Issuer (the "IPO"), Mr. Huffman entered into certain voting and governance agreements with the Issuer and certain other stockholders of the Issuer. By virtue of the Voting Agreements, Mr. Huffman may also be deemed to have shared voting power over 5,267,639 shares of Class A Common Stock and 46,851,464 shares of Class B Common Stock. Information with respect to shares of Common Stock held by the other parties to the Voting Agreements in this filing is based on information provided by the Issuer. Based on the above, Mr. Huffman may be deemed to beneficially own an aggregate of 57,276,274 shares of Class A Common Stock, representing approximately 30.7% of the Class A Common Stock, calculated on the basis of Rule 13d-3 of the Exchange Act. Such beneficial ownership constitutes approximately 30.3% of the total outstanding Common Stock. The foregoing calculations of beneficial ownership are based on 134,600,669 shares of Class A Common Stock and 52,570,328 shares of Class B Common Stock outstanding as of July 31, 2025, in each case, based on information provided by the Issuer adjusted by an additional 14,000 shares of Class A Common Stock and fewer shares of Class B Common Stock in an equal amount as a result of a conversion of shares Class B Common Stock to Class A Common Stock on each of August 5, 2025 and August 15, 2025 by Mr. Huffman through a trust of which he is the trustee. Based solely on beneficial ownership of Mr. Huffman excluding the shares subject to the Voting Agreements, Mr. Huffman beneficially owns approximately 3.7% of the outstanding Class A Common Stock, calculated pursuant to Rule 13d-3 of the Exchange Act, and approximately 2.7% of the total Common Stock, assuming the (i) conversion of all shares of Class B Common Stock held by Mr. Huffman or the trust of which he is trustee and (ii) exercise by the trust of which Mr. Huffman is trustee of all stock options currently exercisable or exercisable within 60 days. Because each share of Class B Common Stock generally is entitled to ten votes per share and each share of Class A Common Stock is entitled to one vote per share, Mr. Huffman may be deemed to beneficially own equity securities of the Issuer (including shares underlying vested stock options or stock options vesting within 60 days, even if out-of-the-money) representing approximately 76.7% of the total number of votes of Common Stock of the Issuer, assuming the exercise by Mr. Huffman or the trust of which he is trustee of all stock options currently exercisable or exercisable within 60 days. Not included in the beneficial ownership totals above are shares of Common Stock underlying stock options not scheduled to vest within the next 60 days and shares of Common Stock underlying unvested restricted stock units.
(c)	Except as described below and set forth on Schedule A attached hereto as Exhibit 99.1, Mr. Huffman has not effected any transactions in the shares of Class A Common Stock during the past 60 days. In addition to the sales made in the open market pursuant to the 2024 Rule 10b5-1 Trading Plan reported on Schedule A attached hereto, a trust of which Mr. Huffman is trustee: (i) on August 15, 2025, converted 14,000 shares of Class B Common Stock into an equal number of shares of Class A Common Stock in connection with sales made pursuant to the 2024 Rule 10b5-1 Plan, (ii) on August 14, 2025 donated 8,146 shares of Class A Common Stock, (iii) on August 5, 2025, converted 14,000 shares of Class B Common Stock into an equal number of shares of Class A Common Stock in connection with sales made pursuant to the 2024 Rule 10b5-1 Plan, (iv) on July 15, 2025 converted 14,000 shares of Class B Common Stock into an equal number of shares of Class A Common Stock in connection with sales made pursuant to the 2024 Rule 10b5-1 Plan, (v) on June 25, 2025 exercised 86,751 stock options for an equal number of shares of Class B Common Stock, and (vi) on June 30, 2025 converted 7,498 shares of Class B Common Stock into an equal number of shares of Class A Common Stock in connection with sales made pursuant to the 2024 Rule 10b5-1 Plan.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 of the Schedule 13D is hereby amended and supplemented as follows: The information set forth in Item 4 of this Schedule 13D is hereby incorporated by reference into this Item 6.
Item 7.	Material to be Filed as Exhibits.
	Exhibit No. Description 99.1 Schedule A Sales of Class A Common Stock by Reporting Persons during the prior 60 days

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Steven Huffman

Signature:	/s/ Julie Rogers
Name/Title:	Julie Rogers, Attorney-in-Fact
Date:	08/19/2025